SAR Auto Products Limited (SAPL.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-106.0%

-₹204.68

vs ₹3,417.00 price

Levered DCF

-₹380.65

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

28.37

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	1,404.26×	2,272.61×	750.9×	679.12×	200.42×	257.89×	524.19×	410.14×
P/B	52.03×	54.85×	51.89×	26.72×	14.97×	8.33×	11.49×	10.24×
P/S	65.2×	67.97×	43.9×	38.29×	21.44×	18.74×	23.47×	13.76×
EV / EBITDA	308.95×	517.99×	319.14×	185.25×	89.98×	64.61×	96.11×	73.43×
Gross margin	27.9%	5.6%	17.2%	26.7%	26.6%	33.2%	28.6%	23.2%
Operating margin	-1.9%	-1.3%	4.1%	9.8%	6.9%	5.3%	0.0%	0.8%
Net margin	4.6%	3.0%	5.8%	5.6%	10.7%	7.3%	4.5%	3.4%
Current ratio	1.07×	1.13×	1.28×	1.51×	2.42×	3.91×	5.84×	4.28×
Debt / equity	1.44×	1.05×	0.94×	0.44×	0.35×	0.13×	0.07×	0.06×
Interest coverage	-2.43×	-1.38×	8.12×	8.4×	8.62×	5.29×	0.02×	0.63×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.7%	2.4%	6.9%	3.9%	7.5%	3.2%	2.2%	2.5%
Return on invested capital	-0.6%	-0.3%	1.9%	3.3%	3.5%	1.6%	0.0%	0.5%
Return on assets	1.5%	1.1%	3.4%	2.5%	5.2%	2.6%	1.9%	2.1%
Free cash flow yield	-0.8%	-0.3%	-0.2%	-0.7%	-0.9%	0.2%	0.3%	0.5%
Earnings yield	0.1%	0.0%	0.1%	0.1%	0.5%	0.4%	0.2%	0.2%
Enterprise value	₹9.4B	₹9.6B	₹8.8B	₹4.2B	₹2.2B	₹1.1B	₹1.5B	₹1.3B
Net debt / EBITDA	2.65×	7.28×	2.65×	0.54×	-0.64×	-2.24×	-2.23×	-1.91×
Cash conversion cycle (days)	165	106	88	128	189	185	133	88